Wednesday, June 28, 2017

60 King Street Development Breaks Ground in Providence

RIHousing, joined by Governor Gina Raimondo, Providence
Mayor Jorge Elorza, State Representative Raymond Hull and Acting Providence
City Council President Sabina Matos recently celebrated the groundbreaking of 60
King Street in Olneyville.

Located at the site of the former Imperial Knife Factory, 60
King Street builds upon significant reinvestment in the neighborhood that has
occurred over the last decade. The restoration will create 60 apartments and
reconnect the building and the street to the surrounding neighborhood. The
total cost for the redevelopment is approximately $21.9 million.

“This development represents another important step in our
collective efforts to expand Rhode Island’s housing stock,” said Barbara
Fields, Executive Director of RIHousing. “60 King Street is a great example of
how investment in housing can used to build housing and revitalize communities,
all while creatingjobs and strengthening the economy.”

Financing for 60 King Street includes $900,000 of federal Low
Income Housing Tax Credits (which will leverage $9.35 million in private equity
from RBC Capital), a $6.5 million tax-exempt loan, a $500,000 State of Rhode
Island Housing Preservation and Production Program loan and $500,000 in HOME
funding, as well as financing from LISC.